SEC Issues Advisory vs Illegal Crypto Mining Platform | Key Points | June 19,

By Street Asset On Jun 19, 2024 0 0

GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading.

Also, the DICT ICT Summit continues today and we have a reporter on the ground to cover the latest government initiatives regarding this space.

Let’s check the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Crypto Price Update

Here are the crypto highlights of the day:

Bitcoin (BTC): $65,461, up 0.1% over the last 24 hours.
Ethereum (ETH): $3,567, up 3.8% over the last 24 hours.
Solana (SOL): $140.62, up 3.8% vs the previous day.

Kitten Haimer: $0.5831, up 45% vs the previous day.
inSure DeFi: $0.0622, up 37% over the last 24 hours.
Maga Hat: $0.0002, up 8% vs the previous day.

For the daily price update, check out our post on Facebook.

Feature News: SEC Issues Advisory vs Illegal Crypto Mining Platform

Photo for the Article - SEC Issues Advisory vs Illegal Crypto Mining Platform | Key Points | June 19, 2024

The SEC has alerted the public about JUMP MINING, JUMP MINING TRADE PLATFORM, and JUMPMINING INTERNATIONAL GROUP for offering unregistered investments and possibly running a Ponzi scheme.

What’s the significance: These companies are not authorized to sell investments, which means your money is at high risk of being lost to fraud.

Also, fraudulent investment schemes are becoming more common as the crypto bull market continues, especially in the mining and cryptocurrency sectors.

The numbers:

Investors are promised daily returns ranging from 4.13% to 10% for short-term contracts
For year-long investments, investors are promised higher earnings ranging from 1.14% to 1.52 daily.

How it works: Investors can lease or purchase mining products, with higher earnings promised for long-term commitments. Referral rewards are offered for bringing in new investors.

What is the SEC saying: The scheme shows signs of a Ponzi scheme, where returns to earlier investors are paid using new investors’ money, making it unsustainable.

Legitimate investment opportunities in cryptocurrency and mining do exist, but they require thorough verification and compliance with regulatory standards. See the list of licensed cryptocurrency exchanges in the Philippines.

What’s next: The SEC urges the public to avoid these investments and report any information regarding their operations to epd@sec.gov.ph.

Local Crypto News 🇵🇭

Ongoing: National ICT Summit of the Department of Information and Communications Technology.

Yield Guild Games Co-Founder Gabby Dizon on guild protocol, onchain reputation, and the next wave of web3 gaming.
Coins.ph Coinmunity Wednesday will feature NFT collection Kusho World.
Emerson Fonseca, Country Lead of Superteam Philippines, and Jen Bilango, Country Manager of Coins.ph, will be a part of a panel discussion for the upcoming Solana Summit in APAC on June 21-22, 2024.

Educational Corner 🎓

For beginner crypto investors, check out the summary of the recent BitPinas Webcast 51 discussing portfolio diversification and investment strategies.

Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

TD Cowen, Biden’s nomination of CFTC Commissioners Romero and Johnson could alter crypto policy at the regulator, influencing future regulations and enforcement priorities.
The BIS survey revealed that two-thirds of central banks are developing cryptocurrency regulations, but a third have not yet begun.
Uphold will delist USDT and five other stablecoins by July 1 to comply with the EU’s Markets in Crypto-Assets Regulation (MiCA).
Taiwanese crypto firms have formed the Taiwan Virtual Asset Service Provider (TVASP) association to self-regulate amid impending amendments to the country’s Anti-Money Laundering (AML) regulations

Community Spotlight 🔦

Meet Trexia Olaya: Also known as Professor T Rex on Youtube. She is the Tambay NFT community lead and an assistant manager in PDAX.

She is a frequent guest in the BitPinas webcast with the 51st episode being her last appearance.
Check out her and Tambay NFT community’s activities and initiatives here.

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

PoliFi tokens dropped over 10% following unconfirmed reports that former President Donald Trump is behind the DJT cryptocurrency.
The cryptocurrency market is losing appeal as investors focus on AI stocks, but integrating AI and crypto could add up to $20 trillion to global GDP by 2030, according to experts.
HashKey Group plans to list its platform token, HSK, in Q3 of this year, with a community airdrop scheduled for later this month.

Web3 Gaming Section 🎮

The future of web3…